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Deal Reached between Groupe Bernard Tapie and U.S. Department of Justice

It appears from a report released on Tuesday, November 1st, 2011, by Subject:Poker, the repayment of Full Tilt Poker players may be in the near future due to an agreement being reached between Groupe Bernard Tapie (GBT) and the U.S. Department of Justice (DoJ).

Continuing with the report, Groupe Tapie would be allowed to continue its acquisition of Full Tilt Poker if the shareholders of Full Tilt Poker agree to the sale of the company. If an agreement is reached, the DoJ would provide payment to all of the players worldwide.

More than one source has confirmed to Subject:Poker that the following is the email that was sent by CEO Ray Bitar to Tiltware shareholders:

Dear members,

I am pleased to announce that today the Department of Justice and Groupe Bernard Tapie have reached an agreement in principle regarding the acquisition of the companies comprising Full Tilt Poker. My understanding is the deal provides that in exchange for an agreed upon payment by GBT, and a GBT commitment to assume responsibility for payment of ROW players, DOJ will reimburse US players and settle the outstanding civil litigation with the companies comprising FTP. Beyond these conditions, issues like the time frame and process for repayment of players remain unclear at this point and time.

With DOJ’s consent now in hand, GBT may now proceed to finalize an agreement to acquire the companies or assets that comprise FTP. That agreement will very likely address the status of your shares or interests in the successor company. When I receive that agreement, I will coordinate with our attorneys to ensure the terms of that proposed agreement will be shared with the membership and voted on.

-Ray

There are final details to be worked out between GBT and the U.S. Attorney's Office for the Southern District of New York according to the report by Subject:Poker. It appears that once a deal has been finalized between GBT and the DoJ that GBT will propose a deal to the FTP shareholders; and GBT would assume all of the debt to non-U.S. players while the DoJ would repay all of the U.S. players from a specially created fund.

As the poker world knows, the silence has been long and heavy in regard to the return of players’ funds by Full Tilt Poker. The silence grew into a deafening roar when nothing followed after the announcement came that Groupe Bernard Tapie had signed an acquisition agreement with Full Tilt Poker. This latest news, however, could be quite positive on the online poker front in general and especially for players with funds stuck on the site. The estimated amount of players' funds runs from $115 million and $330 million.